Wes Sweetman has a small computer repair business and he repairs computers for other businesses. One issue is what he should call his business, Wes's Computer Repairs? Sweetman's Repairs? Which would give a good impression to his customers.
He has had some tax advice and found that his taxes will be different if he is a sole trader or a limited company. He knows she needs to keep good records and predicts £50,000 of sales in the first couple of years. He does not think she needs to register for VAT and he is not planning to employ anyone yet. He knows he needs to register with HM Revenue & Customs for VAT but he is not looking forward to keeping records and acting as unpaid tax collector for the government. He isn't looking forward to calculating the tax on earnings or profits.
1. Explain two types of tax that Wes's business might have to pay (6 marks) 2. Analyse why keeping financial records is essential for Wes once he has set up his business( 4 marks) 3. Wes has come up with the name "Sweetbyte Computers". In your opinion is this an appropriate name for his business (6 marks)
Plenary (5 mins)
Give each other feedback on your answers
Start up Tax Issues
Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6 Lesson 7 Lesson 8 Lesson 9 Lesson 10 End of Unit Test
Lesson Objectives
Starter (10 mins)
Play Tax Evaders.....Key Words (5 mins)
Add to your keywords spreadsheetInformation (5 mins)
Task (35 minutes)
Answer the questions below...Wes Sweetman has a small computer repair business and he repairs computers for other businesses. One issue is what he should call his business, Wes's Computer Repairs? Sweetman's Repairs? Which would give a good impression to his customers.
He has had some tax advice and found that his taxes will be different if he is a sole trader or a limited company. He knows she needs to keep good records and predicts £50,000 of sales in the first couple of years. He does not think she needs to register for VAT and he is not planning to employ anyone yet. He knows he needs to register with HM Revenue & Customs for VAT but he is not looking forward to keeping records and acting as unpaid tax collector for the government. He isn't looking forward to calculating the tax on earnings or profits.
1. Explain two types of tax that Wes's business might have to pay (6 marks)
2. Analyse why keeping financial records is essential for Wes once he has set up his business( 4 marks)
3. Wes has come up with the name "Sweetbyte Computers". In your opinion is this an appropriate name for his business (6 marks)
Plenary (5 mins)
Give each other feedback on your answers